MIT receives $118M gift from alumnus to advance research on real estate development

Associated Press

The Massachusetts Institute of Technology has received a $118 million gift from an alumnus to advance socially responsible and sustainable real estate, with a focus on China.

The gift announced Thursday from Samuel Tak Lee, who earned two degrees from MIT in the early 1960s, is one of the largest in the school's history.

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The money will be used to establish the Samuel Tak Lee MIT Real Estate Entrepreneurship Lab, and will fund student fellowships; support research on real estate and urbanization; and make the lab's curriculum available to online worldwide.

Lee says his gift was motivated by a desire to design a program with MIT that ties the study of real estate to 21st-century realities such as land reform, environmental challenges, burgeoning populations, and an evolving global economy.